TD Securities released its....>

GLOBAL MARKET/OPINION: TD Securities released its 2020 Outlook yday. Highlights:

- "First half of 2020 will repeat many of the themes from 2019: further central

bank easing and disappointing growth in some regions, with inflation struggling

to reach target across most major economies. By mid-year, looser financial

conditions and gradually fading uncertainty should mark an inflection point,

with global growth slowly returning to trend over the following quarters."

- "Global Rates: The correlation and convergence in DM rates should intensify,

with the US leading rates lower. We like owning duration across the board,

preferring US vs EU and CA vs US and UK."

- "G10 FX: The broad dollar isn't ready to turn yet, but global growth dynamics

and some reduction in uncertainty should help valuations, that suggest an

expensive dollar, take hold."

- "EM: We generally prefer rolling out the curves in Asia, Latam, and CEE, but

EM carry has not been this low (~1.8%) since at least 2011 H1. Central banks

that over-eased beyond the pace of inflation, compressing real yields (TRY, BRL,

INR, HUF) prone to volatility."